Baytex Energy Corp T.BTE

Oil price vs Market

[1234bmth]

Oil is holding strong, but market is down significantly. Which direction will oil stocks follow today?

[masfortuna]

So if the market drops 5% and oil is down 1%...Is that not a win? Just saying...

[1234bmth]

This is exactly my point, oil price is holding very strong in relation to market being down, lets see how the oil stocks react.  

[masfortuna]

It doesn't really matter to me how they react. I believe that Canadian oil compnies are undervalued. I am long oil so I don't fret with the daily fluctuations as long as the sp increases over time. I especially  things like the "RSI" of a company. So all those tech companies have an RSI in the oversold range and have for the last 6 months. Using this arguement, we should

[Cobalt]

RSI is never used alone to make the call , next time i will add etc so others dont get the wrong idea or even try and follow , thanks

[masfortuna]

Didn't say YOU COBALT shouldn't use it since you are trading and flipping.  I said that as a long, I am holding and I don't sell based on today's rsi. If you look at the price of WTI, it may actually end up green soon. So fundamentally, why would you sell oil shares if you are long. I consider fundamentals much more important that the rsi on any given day.

[Cobalt]

Greatest trader ever Jesse Livermore: ‘Men Who Can Both Be Right & Sit Tight Are Uncommon’ “It never was my thinking that made the big money for me. It always was my sitting."

[BayStreetWolfTO]

When I was younger I thought being active I could get more gains...I do recall missing many trying to be cute with timing. I'm not sure about being right but I sure have learned how to sit tight. I find it good to set target dates. It helps me sit tight. My target date June 30, 2023 I think we are in a much different spot. Waiting to see if I am right.

[RusticHit]

Nutt head trapped so many at top ,,,,as always  Oil is next to Pop  energy stocks can not stay at highs if markets rolling over to new lows

[Maxmoe]

So sell oil and buy some bitscam. Move to El Salvador and live under a tarp at the dump.  

[BayStreetWolfTO]

Ridiculous post...maybe silly short-term traders got trapped...but here are the facts 1. Prior to Market Call - Baytex Share Price June 3rd 12:00pm $7.20 2. During Market Call - Eric recommends Baytex 3. Today 11:41am - Baytex Share Price $8.27 (real time up 14.8% since market call) Now yes some are bitter when Eric doesn't pick their stock or moves to others...BUT....this is just people

[Cobalt]

Looks like he was wrong on CVE think he said they are the leader in the sector giving everything back to investers? ,rest should follow their lead? CVE very nice acquistion , count me in on this pull back

[BayStreetWolfTO]

I guess a good pullback? Were those gaps filled?

[masfortuna]

Yes he was a great trader. You are not Jesse Livermore. I will respond with warren Buffet's quote:  'When there is blood on the streets is the time to buy." FYI he is big on Occidental and has been increasing his oil position.

[Maxmoe]

I think that's baron von Rothschild's quote not warren. The blood in the streets was with reference to napoleonic wars. Warren is pretty old but not that old.  

[Maxmoe]

Rothschild basically made his fortune using inside information on the ups and downs of war that others didn't have.

[masfortuna]

That would be correct Max.  Buffet paraphrased it from the original and that's what I used.

[Maxmoe]

Yup, not a big fan of rsi or any other TA jibber jabber. $118 WTI is awesome. Govnt cuts to gasoline taxes will only extend the pent up demand for gasoline. Govnt taxes on oil co profits will only extend lack of drilling and weak supply side. In other words, there is no sign of change to $100 plus wti. Maybe $150 oil will create the shock and awe necessary to create demand destruction and a supply

[BayStreetWolfTO]

Nasdaq will get closer to my 2022 target of 10K. More people will give up on tech today and transition to energy...we need these down days for the DOW/Nasdaq.

[Cobalt]

Just hope margin calls dont come in that when they sell everything even the pay for the damage or do if you took off some off at nose bleed highs of a 85 RSI to increase your size lower , good luck